Nearly 2,000 use Help to Buy home scheme in Shropshire

Figures show that 1,862 homebuyers in Shropshire have used the government scheme since it was launched four years ago.

It allows people to buy a home with a deposit of five per cent of the home's value, with funding from the government, which lends the buyer 20 per cent of the value of the property in the form of an interest-free equity loan for five years.

Available to all homebuyers, not just first timers, the scheme was designed to help anyone looking for a boost up the property ladder.

Figures have revealed that people in Telford and Wrekin made the most use of the scheme, with 1,207 people taking advantage of the offer.

New figures released by the Homes and Communities Agency (HCA) show that nearly 80 per cent of those using the scheme have been first time buyers, with 1,486 homes being bought by ‘first timers’.

Steve Barton, senior sales manager for David Wilson Homes Mercia, which is building homes in the county which are available with Help to Buy, said: “Shropshire has produced some strong results for the Help to Buy scheme and it is great to see districts such as Telford and Wrekin, where we build homes achieving such high figures for the scheme in the county.

"Help to Buy has proved so helpful to so many homebuyers.”

Earlier this month, it was revealed that the number of people opening separate Help to Buy ISA accounts topped one million.

The product was launched in December 2015 to help first-time buyers save towards a deposit, with the government topping up contributions of up to £200 a month by 25 per cent to a maximum of £3,000.

Stephen Barclay, economic secretary to the treasury, said: “Reaching the landmark of one million Help to Buy Isas shows the product’s success in helping first-time buyers save towards a home.

“Our Help to Buy schemes continue to prove hugely popular across the country, as we support people to get on in life and achieve their dream of climbing the housing ladder.”

Last year the government ended the Help to Buy mortgage guarantee scheme, though the ISA scheme remains in effect.

An independent review of its performance is due to finish this year, which will decide the future of the scheme.

First-time buyers will be able to open a Help to Buy Isa until November 30, 2019.